AUDUSD - Downward trend will continue, Short trade by market price recommended

December 7, 2022 7:35:03 AM by Alex Zarevich
Forecast Details
PairAUDUSD
Direction Sell
StatusClosed (0.6765)
7:35
7:35
Dec. 7, 2022

-75 p
0.6765
Stop Loss
0.6690
Entry
+80 p
0.6610
Target 1
Chart & Analyst Comments
main-sell-market-trend-1
  1. According to the most brokers’ data, more than half of the traders are currently in long positions on AUDUSD. As a result, we recommend considering only Short trades at this time.
  2. The Profit Ratio reversal indicator doesn't react on downward movement. This means that the movement is not fake.
  3. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  4. MVP line is above the price and acts as a resistance level.
  5. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous bottom. This is a good level for placing take profit according to our forecast.
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